Operational Update
Vast Resources plc
('Vast' or the 'Company')
Operational Update
Vast Resources plc, the AIM quoted mining company, is pleased to announce that it has established a group technical services function including the input of experienced mining engineers, geologists and operations management which will be tasked with undertaking a review of Vast's existing asset base. The focus will be to establish a sustainable operational plan that will subsequently support ongoing technical studies aimed at unlocking the potential of the current asset base as well as assessing new potential opportunities in Romania, Tajikistan and Zimbabwe.
Overview Very encouraging initial indications of diamond quality following preliminary cleaning of a representative of parcel of stones.
Initial diamond sales, by way of public or private tender in Dubai, are expected to commence in the coming weeks.
Comprehensive technical review of the Romanian assets focussing on the Baita Plai Mine in Romania in Q3 2025 with the objective of establishing the optimal mining strategy.
This plan will likely include the development a new drilling programme and mine plan designed to grow and increase the confidence of the current JORC Resource and Reserve base.
The technical review will also consider the opportunity to restart activities at the Manaila-Carlibaba Copper Mine in Romania during H2 2025.
Andrew Prelea, CEO of Vast, commented:
'Our recent success with the return of the Historic Parcel of diamonds has sparked a comprehensive review of our asset portfolio and our strategy for becoming a mid-tier production company. Our Romanian assets, specifically Baita Plai and Manaila-Carlibaba, hold significant value for the Company. We are now working towards realising the potential of these assets through a comprehensive and diligent technical assessment of these assets, including the development of a sustainable mining plan at Baita Plai, and the opportunity of restarting mining activities at Manaila-Carlibaba. I look forward to providing updates on these processes in the coming months, along with news on the expected diamond sales in the coming weeks.'
Further Information
Update on Diamond Consignment
The Company is now undertaking initial cleaning of a representative selection of parcels of stones from the Diamond Consignment, with initial indications of quality, interpreted by industry specialists using industry standard inspections, being very encouraging and supportive of the Company's current sales and marketing strategy which involves primary beneficiation, and a phased sale of stones to maximise revenues.
Vast expects that initial diamond sales, by way of public or private tender in Dubai, will commence in a matter of weeks, and further updates on this process will be provided in due course.
Romanian Operations
One of the Company's immediate priorities is to overhaul operations at Baita Plai by undertaking a comprehensive review of the geology of the project and the mining strategy. This will include the generation of a new mine plan, supported if necessary, by a drilling programme to further inform the mining studies. To ensure that there is an optimal outcome from this review it has been deemed prudent to undertake a temporary suspension of operations, currently expected to last for up to three months. Vast's decision to commence this work is underpinned by its confidence in its ability to realise significant value from the sale of the diamonds recently returned to the Company by way of Settlement Deed. The Company also notes that this review will also include reviewing the existing plan to restart activities at its Manaila-Carlibaba project in Romania during the second half of 2025 and is in ongoing associating discussions with potential offtake partners.
**ENDS**
For further information, please visit the Company's website at www.vastplc.com or contact: Vast Resources plc
Andrew Prelea (CEO) +44 (0) 20 7846 0974 Strand Hanson Limited – Nominated & Financial Adviser
James Spinney / James Bellman +44 (0) 207 409 3494 Shore Capital Stockbrokers Limited – Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory) +44 (0) 20 7408 4050 Axis Capital Markets Limited – Joint Broker
Richard Hutchinson +44 (0) 20 3206 0320 St Brides Partners Limited
Susie Geliher http://www.stbridespartners.co.uk/
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES
Vast Resources plc is a United Kingdom AIM quoted mining company with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
The Company retains a continued presence in Zimbabwe. The Company is re-engaging its future investment strategy in Zimbabwe and has commenced discussions with further mining concessions in-country alongside its wider portfolio.
Vast has an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced.
Also in Tajikistan, Vast has been contracted to develop and manage the Aprelevka gold mines on behalf of its owner Gulf International Minerals Ltd ('Gulf') under which Vast is entitled, inter alia, to 10% of the earnings that Gulf receives from its 49% interest in Aprelevka in joint venture with the government of Tajikistan. Aprelevka holds four active operational mining licences located along the Tien Shan Belt that extends through Central Asia, currently producing approximately 11,600oz of gold and 116,000 oz of silver per annum. It is the intention of the Company to assist in increasing Aprelevka's production from these four mines closer to the historical peak production rates of approximately 27,000oz of gold and 250,000oz of silver per year from the operational mines.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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